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Make general journal entries to record transaction in books

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Reference no: EM132563505

The following transactions relate to the operations of Berwick Enterprises in 2020.

April 1: Purchased $12,000 of inventory from Peninsula Industries (Terms 5/10, n 30).

April 3: Returned $500 of faulty merchandise to Peninsula Industries.

April 4: Sold goods valued at $1,600 for cash (cost price $900).

April 5: A customer returned goods (and received a full cash refund) valued at $100 (cost price $60). The returned goods were in immaculate condition.

April 8: Paid Peninsula Industries the balance of their account.

April 11: A physical stock take valued inventory (NRV) on hand at $9,200.

TASK

Question 1: Prepare the General Journal entries to record the above transactions in the books of Berwick Enterprises using:

(a) Perpetual inventory method

(b) Periodic inventory method

Reference no: EM132563505

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